Mortgage comparison: 15 years vs. 30 years

Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

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For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Mortgage amount: Original or expected balance for your mortgage.
Interest rate: Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
Marginal tax rate: This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.
Monthly payment: Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
Total payments: Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Total interest: Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.

All Rights Reserved. Information Deemed Reliable But Not Guaranteed. The Hauber Realty Group is an agent of SellState Alliance Realty. Neither The Hauber Realty Group nor the service providers for The Hauber Realty Group are liable for any errors or inaccuracies in the information provided through this website. Equal housing opportunity. © 2011-2012 SellState Alliance Realty and The Hauber Realty Group